2024 Gift Tax Exclusion Lifetime. The gift tax annual exclusion allows taxpayers to make certain gifts without eroding the taxpayer’s lifetime. The irs typically adjusts this gift tax exclusion each year based on inflation.
The annual gift tax exclusion level will increase from $17,000 per person in 2023 to $18,000 per person in 2024, in tandem with the significant adjustments in the. The irs has specific rules about the taxation of gifts.